Hong Kong and Shanghai Banking Corporation to axe 8'000 uk jobs and more threats to leave Uk

[pettywitchinlondon]

I just wish they would leave the uk. Bye!

Hopefully my local branch will shut and be used for something useful. Its open 12-3pm and closed all weekend.

If leaving the City for tax or EU exit regulatory reasons, Luxembourg appears to be the new European home of choice for City Investment Banks and Fund Management companies.

Which makes perfect historical sense as in the early years of the international capital markets, when the Eurodollar Bond Market (taking U.S. dollar bond issuance away from the over regulated New York Stock Exchange/Federal Reserve) gained prominence, Luxembourg was key.

I cannot get these Sunday Times articles links (below) in full, but if memory serves, Luxembourg was key as less regulation, Listing bond issues on the Luxembourg Stock Exchange needed less info and one of the two main ‘independent ‘ Eurobond transaction settlement companies, Cedel, was located there.

In fact it wasn’t that long ago I recall that many large German Banks had serious operations in Luxembourg to get around domestic German regulation, possibly to handle the Withholding Tax on those bonds, as the tax on annual bond interest payments, was not taken at source.

”Banks eye tax haven in exodus from City”
www.thetimes.co.uk/tto/business/industries/banking/article4471007.ece

”Luxembourg could become home to two of the City’s largest banks in what would amount to a huge coup for the tiny tax haven, which is becoming an increasingly serious rival to London for investment banking.”

”HSBC and JP Morgan are in discussions to relocate parts of their business to the Grand Duchy as banks weigh up the tougher rules for conducting business outside of the eurozone and the possibility of a British exit from the European Union.”

”Fund giants lay plans to quit City over Brexit”

”Big money managers warn Treasury that trading restrictions will push them out if Britain votes to leave Europe”
www.thesundaytimes.co.uk/sto/business/Finance/article1568404.ece

”THE City’s biggest fund managers have warned that they will be forced to quit London if Britain leaves the EU.”

”Fund bosses have begun drawing up plans to move trillions of pounds of assets and thousands of highly paid jobs should Britain go it alone.”

”Several of the largest companies have told The Sunday Times — on condition of anonymity — that they have set up committees to prepare for a move.”

”They say they would have to leave because EU regulations prevent them selling investment products into the economic bloc unless their European headquarters are in a member state.”

“We would move to Luxembourg,” said one source at a London fund. “There’s a chance we could keep some senior managers in the City, but most people would have to be relocated”.

Well claig isitmebut, your turdular arsepieces should move to Luxembourg, maybe that would help clean up The City, fuck knows it's necessary, what with the major banks all being fined for one thing or another (just stick a few in jail, that'll stop fraud), and it will reduce our reliance on the financial sector and force Gidiot to actually look into economic theory.

If I'm a socialist, is everybody else? :o

Nick Hanauer drops some truthbiscuits.

Deutsche Bank is going to do a Lehman Brothers, RBS isn't far behind and the only thing that will stop this is 'bail ins'. Namely they will prove that any money stored in a bank belongs to the bank. Look it up, it's true. The only way to protect your bank account is to liquidate it and buy tangible assets. As usual, I recommend gold, silver and bitcoin. I'm off at the weekend to buy bitcoin.

DoctorTwo, please don't confuse me with Isitmebut. Isitmebut is a Cameroonie moderniser and rooftop windfarm fanatic, I am common sense People's Army.

Here's a question for you claig isitmebut. If I'm a socialist and you're a crapitalist why are you backing policies keeping the banks alive when that is a socialist policy? In a capitalist world they'd be allowed to fail, just like our manufacturing businesses have.

What you think is best is corporatism. Good luck with that. I predict riots when everything goes tits up as people can no longer access Wonga loans to pay their rent. See 1929...

DoctorTwo, I don't care if HSBC leaves or not. I would nationalise the banks if I had my way and I would slash their salaries and bonuses and all profits would return to the state so that the state could cut taxes on the hardworking people and scrap all subsidies for elitist rooftop wind turbines and climate claptrap policies. That is because I am common sense People's Army. Isitmebut on the other hand would genuflect to the bankers and bend over to be kicked more easily.

'What you think is best is corporatism. '

Absolutely not. That is why I vote UKIP. No crony capitalism, no cronies and no chumocracy.

Dear me, what a collection of posted brain farts, with no semblance to reality or the facts, when even on a basic level it is clear that the UK after the busts, mergers and withdrawal of foreign banks, POST crash whether we hadn’t overregulated or not, we lack banking capacity for future growth etc.

And the continue blurring of lines between the difference of High Street banking and global Investment Banking to our daily lives, due to a lack of understanding, or ideological reasons, isn’t helping.

So it does not matter whether socialist, capitalist, or whatever the feck comrade claig is, if people knew the FACTS, the internet B.S. meter would be a lot lower.

Global Investment Banking; prerequisite to the global economy and future growth, although has its main European centre in London, UK investment banking institutions i.e. RBS, and Barclays, are now small(er) fry within the top 20, so we have no control on what the main player American, German, French and Japanese investment banks globally pay their staff.

Using a football analogy, assuming all skill levels between the Premiership and Conference Leagues are the same, or that if Premiership footballers our clubs can pay £250k a week slashed their salaries, all others in Europe would follow - and/or there would not be a stampede of talent to Heathrow - is being more than a tad naïve.

If we are going to clamp down on private sector salary inequality, based on global importance and who pays their salaries, I’d suggest we started with the ‘Carlos Kickaballs’ (Alan Sugar’s @ Spurs words) and the far more corrupted world of football.

”Who earns more: FIFA staff or Wall Street traders?”
www.cnbc.com/id/102748002

”FIFA employees averaged a yearly salary of $242,000, 25 percent higher than the $194,000 commanded by traders at banks and 34 percent more than the $180,000 earned by employees at hedge funds, according to salary benchmarking website Emolument.”

More

Continued.

States Supporting Banks; there is no comparison in the state of global banking now than in 2008, when it looked like the whole banking system would collapse, taking down numerous global companies, millions of jobs and all those with deposits with banks, as global interbank contagion if left unchecked, would have domino’d .

No bank I can see in September 2007 was insolvent; it was the inability of banks to refund themselves via the interbank and bond markets that caused all the problems. Worse initially in the UK, when the BoE was too cautious supporting banks in short term trouble (quoting ‘moral hazard’) versus the ECB and Federal Reserve, in trying to provide replacement banking liquidity – hence Northern Rock, without access to ECB and Federal reserve help other UK banks tapped, went under.

Even capitalism cannot function e.g. healthy banks taking over failing banks, during a prolonged closure of the interbank market, with external cash rich companies/institutions e.g. fund managers, taking all their money out of the banking system, and buying government bonds for security – UNTIL confidence in the banking system was finally restored through government/central bank action.

Industry versus Investment Banking; once again I point you to the obvious, it never needs to be either/or, so if there was a way finger snapping ‘created’ these industrial jobs, rather that providing the right tax, education, infrastructure and generally reformed business friendly environment, Gordon Brown would not have lost 1 million manufacturing jobs in 7-years, and Europe would still be the manufacturing heartlands,

The fact is while any country has a socialist main party (and can return as the government), or wants to be a member of the current EU bureaucratic & Social Chapter monolith, demanding higher taxes, more worker‘rights’, benefits, welfare and pensions, emerging country competitors do not have, - existing western companies will always struggle on price terms to COMPETE in a global market place for orders, never mind encourage new private sector investment/jobs – especially if at any time the cost of fat, inefficient governance increases yet further.

P.S. Dear Dr … I never read a link(s) I cannot identify, for reasons of internet security, content, and wish to add ‘hits’ to rubbish websites – as frankly after many years, I never factually found it ever worth the effort – especially those citing the end of the financial world and used to tell me gold was going to $5,000 to $10,000 an ounce.

Right up to when it crashed from just above $1,900 an ounce, to around $1,000 an ounce, and then become range bound between $1,100 to $1,250, for years.

Apols claig, the style is ismilar, ie the bombardment with bullshit.

FYI isitmebuttlicker, the first link is to City AM, and the Torygraph writer decrying the fact that the majority of those polled want all privatised industries renationalised, and how disastrous it would be for corporations. The second link is to Gawker, so neither link is to unknown sites.

To call any Labour government post Jim Callaghan 'socialist' is disingenuous and a massive stretch of the truth. Blair and Brown were both unabashed corporatists who took every opportunity to line the pockets of the elite rather than bring the poorest up as Labour governments post WW2 did. Look what we did under austerity measures in the late 40s and early 50s, building the NHS and almost full employment. Now austerity means cut everything to the bone and give what's left to foreign governments and the Shitty.

Why should footballers have their pay cut? Is it because, at the highest level at least, it's a good example of an employer paying his employees the going rate? Or is it because they come predominantly from the working class and you can't allow them to get uppity?

Why do you think China, Russia and India are bulk buying gold? Could it be because the Fed is issuing massive amounts of gold futures that will come back to bite them on the arse? Yes, yes it could be. There have been at least 3 stop events in the last couple of years due to millions of ounces of paper gold being issued it caused the market to panic and drop, and now every time the price hits around $1350 they do it to control the price. When all those gold ETFs mature the shit will hit the fan. Especially when, as many believe, China backs its currency with gold. It'll make Goldman Sachs' advice to Gordon Brown look very silly.

'the style is ismilar, ie the bombardment with bullshit.'

Have you actually read my stuff? There's no bullshit in there. like Isitmebut does, mine is just common sense.

Yes claig, yes I've read your 'stuff'. Nigel Garrridge isn't the pillock of hearts, he's just a nasty little racist dressed as an idiot.

Oh dear, I thought you knew somethIng about politics as you watch Max Keiser among other non-mainstream TV. I know you are a progressive but I didn't hink you would fall for the mainstream line in its vilificatioN of opposition politics. The people's revolution of 2015 is not racist. Bilderberg are worried that the European people's revolutions may end their game.

Here is a non-mainsream report on Bilderberg 2014. It's Alex Jones, so it's not progressive, but I thought you knew that progressive was elite. Bilderberg is progressive.

"Bilderberg Agenda Revealed: Elite Desperate to Rescue Unipolar World

Anti-EU revolution, Ukraine crisis threaten to derail global government

The 2014 Bilderberg meeting in Copenhagen, Denmark is taking place amidst a climate of panic for many of the 120 globalists set to attend the secretive confab, with Russia’s intransigence on the crisis in Ukraine and the anti-EU revolution sweeping Europe posing a serious threat to the unipolar world order Bilderberg spent over 60 years helping to build.

Inside sources confirm to Infowars that the elite conference, which will take place from Thursday onwards at the five star Marriott Hotel, will center around how to derail a global political awakening that threatens to hinder Bilderberg’s long standing agenda to centralize power into a one world political federation, a goal set to be advanced with the passage of the Transatlantic Trade and Investment Partnership (TTIP), which will undoubtedly be a central topic of discussion at this year’s meeting.

The TTIP represents an integral component of Bilderberg’s attempt to rescue the unipolar world by creating a “world company,” initially a free trade area, which would connect the United States with Europe. Just as the European Union started as a mere free trade area and was eventually transformed into a political federation which controls upwards of 50 per cent of its member states’ laws and regulations with total contempt for national sovereignty and democracy, TTIP is designed to accomplish the same goal, only on a bigger scale.
...
Voters in the United Kingdom also delivered a thumping rejection of the EU and in turn Bilderberg with the success of Nigel Farage and UKIP, a Euroskeptic triumph some are labeling the “most extraordinary” election result for 100 years."

www.infowars.com/bilderberg-agenda-revealed-elite-desperate-to-rescue-unipolar-world/

You say

"When all those gold ETFs mature the shit will hit the fan."

Do you think the elite are stupid? Have you not watched the news about warnings to Russia? The elite will not just allow their financial system to collapse. They will take other measures which will disguise any collapse. This is from today's Telegraph

"Michael Fallon in warning to Vladimir Putin as he visits military exercise on Russia’s doorstep

Defence Secretary says 17-country manoeuvres 'not a game' and are warning that Russian president will not undermine UK’s resolve to back Nato allies"

www.telegraph.co.uk/news/uknews/defence/11681092/Michael-Fallon-in-warning-to-Vladimir-Putin-as-he-visits-military-exercise-on-Russias-doorstep.html

This is from Alex Jones's Infowars just yesterday. It's not progressive, it's Alex Jones. It's very bad news because the elite are progressive and just as "Big Brother loved you", so do the elite and what they will do to save their power is anyone's guess.

Start reading the news and don't fall for the progressives who "care for you" and want to "save the planet" from man-made global warming for you.

"Russia and China Just Put Another Nail in the Coffin of the Bretton Woods Petrodollar System

Dollar collapse will result in war and police state fascism at home

Sanctions imposed on Russia have little to do with Ukraine or the supposed aggressive behavior of Vladimir Putin.

They are a direct response to a Russian move out of the petrodollar system that has ruled since the 1944 Bretton Woods Conference that established the US Dollar as the global world currency and created the World Bank and the IMF as the institutions upholding its hegemonic rule.

On Tuesday it was announced that Russia and China are expected to use the ruble and yuan in payments for gas supplied using the western Altai pipeline.
...
“It’s long been obvious the BRICs are coming,” Liam Halligan wrote for the Telegraph last August. “The total annual output of these four economies has spiraled in recent years, to an astonishing $29.6? trillion (£17.3?trillion) last year on a PPP-basis adjusted for living costs. That’s within spitting distance of the $34.2?trillion generated by the US and European Union combined.”

A move by Russia and China out of the dollar will ultimately undermine the the Treasury market in the United States and result in the collapse of the global elite’s astronomical and continually spiraling $17.5? trillion of dollar-denominated debt, an imposed obligation that translates into $53,000 for every person in the United States.
...
“And there’s more,” Giambruno adds. “The destruction of the dollar will wipe out most people’s wealth, leading to political and social consequences that will likely be worse than the financial consequences.”

www.infowars.com/russia-and-china-just-put-another-nail-in-the-coffin-of-the-bretton-woods-petrodollar-system/

This is from the World Socialist Web Site just a few days ago. Presumably someone somewhere, probably an elite progressive, has paid for a poll on whether European people want to go to war.

"Poll finds mass opposition in Europe to war drive vs. Russia over Ukraine

The findings of a poll published yesterday by the Washington, DC-based Pew Research Center, showing broad opposition in Europe to a NATO war with Russia, underscore the anti-democratic character of the US-led war drive against Russia over Ukraine.
...
The preparation of the NATO powers for an all-out war with Russia that could incinerate the planet is colliding with deeply rooted anti-war sentiment in Europe, the United States and worldwide. The very fact that the Pew poll was commissioned is itself a sign of mounting concern in ruling circles internationally over mass opposition to war.

The ruling elites of the imperialist countries have made clear, however, that they intend to ignore popular sentiment and proceed with their campaign against Russia. The New York Times, in its report on the Pew poll, presented the mass opposition to war as a “challenge” to US and NATO war plans that needs to be overcome.

www.wsws.org/en/articles/2015/06/11/euro-j11.html

The elite are losing power. They are facing huge popular revolutions all across Europe from right wing populists like Farage, whom they can only call "racist" in reponse, and their progressive parties are being wiped out across most of Europe in elections. The financial system is still on the precipice and Russia and China want to protect themselves by coming off the dollar. If they try that and if they do that all bets are off about what the elite will do to save their power.

Oh dear, another progressive seems to have lost in a European election. Darling of the luvvies and Bilderberg elites, Helle Thorning-Schmidt seems to have lost in Denmark's election.

"Denmark’s Helle Thorning-Schmidt just briefly appeared along with her husband, British Labour MP Stephen Kinnock."

www.independent.co.uk/news/world/europe/denmark-election-prime-minister-helle-thorningschmidt-on-knife-edge-as-poll-looks-too-close-to-call-10329803.html

Speculation has begun as to whether Thorning-Schmidt will resign as leader of her party, according to The Local.

"Denmark election: Right-wing Eurosceptics look set to form new government"

The Eurosceptic Danish People’s Party looked set to become the largest party in a new right-wing coalition government, in an election which will mark a new high for populist parties in Europe.

With 80 per cent of the vote counted, the anti-immigrant party was expected to take 21.3 per cent of the vote, leap-frogging its Liberal Party allies to become Denmark’s second-biggest party

www.independent.co.uk/news/world/europe/denmark-election-prime-minister-helle-thorningschmidt-on-knife-edge-as-poll-looks-too-close-to-call-10329803.html

Bilderberg in panic, people's revolutions continue. How will this affect the war drums of the elite because the Eurosceptic right wing populists are not progressive and not part of the elite's club?

Bilderberg will undobtedly call the new right wing party "toxic" just as they do Farage. Power is slipping from their hands, their progressives are being toppled and the people are winning power.

Claig .... what on Dave's green earth does all that complete rollocks over several posts, reading like Russian anti West/EU propaganda from the Russia got to do with HSBC?
www.independent.co.uk/news/world/europe/revealed-putins-army-of-prokremlin-bloggers-10138893.html

The facts I give you on the importance of the Investment Banking to global prosperity/growth (no matter where the European centre is located) is indeed not 'common sense', it is informed, and can be verified, even to those who have made up their own mind/facts before hand.

What I know about building a sky scrapper or brain surgery is also 'common sense', but technically it would never occur to me to tell those who know something about it, even if just being within those professions 'assisting' , that my “common knowledge” knows better than them.

I repeat, I have followed the City, Investment Banking and global economies for around 40-years, so by all means take me on factually, but admitting that you feck-all-to-a-jam-tart about it and then posting reams of non HSBC shite, adds nothing to the debate. IMNSHO.

DoctorTwo …. Interesting, in your opinion ‘the going rate’ for someone governing soccer or kicking a ball for a living is allowed, no matter what the rate, yet so critical of an Investment Banking industry few bad apples, that globally brought billions out of poverty over the past 30 odd years.

As for gold, I find it sad that you have caught the ‘gold bug’, which is hype put out by those who bought gold at a higher price and want to suck more suckers into a non interest bearing investment, or those connected with the gold dealing industry. ETF’s or paper gold, is backed by gold in custody, god there is always a ‘story’.

There are always two main characteristics; puffed up global scare stories and misinformation about past event, always with non credible ‘plots’ (usually U.S. via the Federal Reserve or Goldman Sachs) throwing in names, so as to appear factual.

Russia, China and India have been buying old for many years, it was only the Labour/Brown government that decided to sell 40% of ours at a 20-year low price (called ‘the Brown bottom’) – when we always had far less than the other major economies in Europe. The facts are Brown was advised by the BoE, other European Central Banks and the City NOT to sell, especially pre announced, over time via several auctions (which kept the market weak) – and was to then rise from an average UK sell price of $278 to $1,900 plus an ounce, over the next decade.

Within those countries much of the gold demand every year is from individuals as savings, worried about their own currencies and financial institutions – in fact the last time I looked, the Indian government was limiting individuals buying gold.

FYI I saw a very good chart once which showed gold for hundreds of years appears to trade in 30-year cycles; around 20-years in a bear market (last 1980 around $800 high to 1999 around $270 low) then a 10-years bull market, which was a few years longer this time due to the global crash.

In between, like every market, there are rallies and falls, but the bull/bear main trends are clear, and the reason to hold a non interest bearing asset within global markets that can be used as a hedging alternative, no longer make gold so attractive.

Hence the gold industry, within 20-year down trends, needs to keep interest/suckers coming back for more, with story telling, that as I say, rarely make sense e.g. Brown was told to sell our gold by the City as the gold dealers were ‘short’ physical gold, but if a dealer is ‘short’ gold in a bear market and always falling to new lows, a dealer established that ‘short’ gold position at a higher price - so could buy it back at a profit at any time. lol

That ‘story’ made me pee myself, as had been going around for years without challenge, to be replaced by more for those gold minions who don’t understand markets, to spread.

"Claig .... what on Dave's green earth does all that complete rollocks over several posts, reading like Russian anti West/EU propaganda from the Russia got to do with HSBC?"

Do you mean what on Call Me Dave's rooftop wind turbine, hug a husky has it got to do with HSBC?

It's called common sense.

HSBC is a tiny cog in the larger picture.

Goldman Sachs involved in the gold sell off according to Thomas Pascoe in the Torygraph. According to Peter Hambro it was done to allow those banks who would've failed had their gold called in buy it at a low price instead of going bust. So if he hadn't sold it would've meant banks going bust. Which appears to happen every 8 or so years, so look out for another bailout soon. Actually it'll probably be a bail-in, so instead of governments paying we will do so directly. That's why I say invest in gold, silver and bitcoin. They at least belong to you, the money in your bank account does not.

So, unlike in 2007/8, when we openly bailed out the banks, in 1999 that was kept quiet.

I'm fully aware that gold is a non interest bearing investment, but, at the moment neither are bonds, especially in Japan where they're all bought by the Bank Of Japan. They've been doing QE since about 1992 to keep the Yen low relative to the Dollar. Obviously, since we started QE in 2008 we've got to keep on with it, as, according to Mitch Feierstein (look him up, he's hilarious), you can't taper a Ponzi scheme.

India is trying to block individuals from buying gold, yes, but good luck with that, they've always bought gold as it holds its value. China is actively encouraging its citizens to buy precious metals, which will make them the richest citizens in the world when China backs its currency with gold.

Central banks all over the world are complicit in the Ponzi scheme that is FIAT, and the only man sentenced for running one so far is Bernie Madoff, banker to the rich.

As for the banks being solvent... ROFL, they're being kept alive with QE and ZIRP. When interest rates rise they'll all go pop. All bubbles do, and all Ponzi schemes fail.

claig I am politically switched on, which is why I have a personal loathing for the UKIPs. If they get power many companies will have to move overseas because their labour force will be kicked out. At a company I worked at as a temp for 6 months the workforce was 90% forrin as most of the British people who tried the job lasted only a few days. So, yes, they're coming here, taking our jobs. Taking the jobs we don't want to do, just like Windrush.

As for Garridge being 'anti-establishment', don't make me laugh.

The system works :o hahahahahahahaha etc

DoctorTwo …. That July 2012 Thomas Pascoe blog article ”Revealed: why Gordon Brown sold Britain's gold at a knock-down price” in the Telegraph is frankly an embarrassment, as not only was that exposé regurgitated ‘gold bug’ gossip in the late 1990’s/early 2000’s – but I reiterate, it makes no market (or any other) sense whatsoever.

But typical of the dross those connected to the gold industry looking to puff up the gold price FREQUENTLY puts out, as they need a gold shortage, financial crisis or crash of the U.S. dollar, for the gold price to go up – and when prices don’t move in the way they predict, they call it a ‘plot’, often citing the U.S. Fed and/or Goldman Sachs sometimes as their ‘agent’.

I can go into that Telegraph article as technically deep as you like, but start with the following;

• Goldman Sachs is a U.S. Investment Bank, why on earth would the UK government be obliged to sell the meagre gold reserves they had to support the American financial system, when the Federal Reserve (with ex Goldman Sachs employees) has shed loads of gold more than the UK?

• ‘Carry Trades’ are put on/managed every day by Investment Banks and some, Hedge Funds, and always have ‘Stop Losses’ where if it goes against you, it is liquidated at that controlled loss price – not run month after month so to put the company in financial danger.

• If just Goldman Sachs involved, why would one banks losses within either the gold or Yen leg of a carry trade, cause a banking/financial crash?

• If several banks alleged to be involved, are we expected to believe they ALL HAD THE SAME ‘carry trade’ on, none of them had ‘stop loss’ plans in place, and none of them used the price ups and downs of a market within the bear market trend, to limit their losses?

• The gold price hit a high of around $850 in 1980 and trending lower thereafter, down to $282 when Brown announced his gold sales, which depressed the price further to a $252 low.

• As investment banks were ‘short’ gold at a higher price sometime during that fall from $850 in 1980, are we s-e-r-i-o-u-s-l-y meant to believe that the resulting $30 DROP in the price of gold after Brown’s announcement bailed out the banking system, when all previous falls didn’t??????

• The buyers of our gold are known, which were other central banks, the largest buyer being China.

• Gavyn Davis of Goldman Sachs was close to Gordon Brown, as an advisor, as he was an ECONOMIST, Chief Economist if memory serves, and economists have less clout in an investment bank than CEO’s – even if, as we are meant to believe, Brown’s personal relationship with Davis was key to Brown selling UK gold reserves at a 20-year low price.

The FACTS are; Brown wanted to diversify the UK reserves and made a bad decision, selling gold to buy the new Euro currency everyone was saying would be strong on launch, but the Euro initially tanked as the gold prices rose after his gold sales.

If Labour wanted the UK government to act as a Hedge Fund with our reserves, we should have been asked in 1997.

Brown had no idea of the effects of global banking ‘contagion’ back then, as the link below confirms, so yet another reason to pooh pooh why he would sell OUR gold, to help U.S. and other banks with problems in gold, if ever did.

metro.co.uk/2011/04/11/gordon-brown-i-made-big-mistake-on-banks-before-financial-crisis-650630/

P.S. Thomas Pascoe as a financial journalist with limited market knowledge either fell for that ‘gold bug’ dross, or was a Labour Party kiss-arse – maybe the following answers BOTH questions.

May 2013; "Ed Miliband has the potential to be a great prime minister"
blogs.telegraph.co.uk/finance/thomaspascoe/100024586/ed-miliband-has-the-potential-to-be-a-great-prime-minister/

^”In a short time, I shall be leaving the country for at least two years (stop cheering). When I return, Ed Miliband will be the prime minister.
Whether this constitutes an achievement for a Labour leader is open to debate. The legalised gerrymandering which the Coalition parties have, through their mutual dishonesty, ensured will be perpetuated makes it easy to build a workable majority on the consent of one voter in three. Even if this is set aside, Ukip and the Tory backbenches have done enough to destroy the Conservatives as an electoral force for a generation. Ukip take the marginals out of play.”^

”With the bond of trust between party and voter broken, the Tories cannot win, no matter what they promise. As a consequence, I believe Labour will win handsomely in 2015. The question remains, however, what sort of Prime Minister will Ed Miliband be?”

”I feel that he has the potential to be a great one. He is sincere, principled and brave.”

I don't care which one of the corporate bought parties he supports.

Zerohedge link saying that more fund managers are getting out and advising everybody to do the same. The piece is by Phoenix Captal Marketing, not Tyler Durden.

Well you should care, as it explains why he might 'professionally' regurgitate all those 'gold bug' stories to defend Labour before a general election.

ZeroHedge is the platform for 'end of financial world as we know it' = gold bugs, and as I think for myself I wouldn't care if George Soros wrote it, from all the 'known knowns' it makes no sense at all.